Codere The company expects earnings to return to pre-pandemic levels by the end of the year after recording significant year-over-year earnings growth in the fourth quarter of 2021.
Codere announced the results for the fourth quarter of 2021 and announced revenue of $ 321.6 million. This represents a year-on-year growth of 117.3% and a recovery of 85% in pre-pandemic 2019 Group sales.
The company maintained a positive trend in adjusted EBITDA throughout the fourth quarter. This is because “efficiently implemented measures” have reached the highest quarterly performance since the first quarter of 2020 of $ 49.7 million, a margin of 15.5%.
By market, Codere’s business in Mexico reached $ 59.7 million in revenue, doubling its performance a year ago, but only reaching 74% of its pre-pandemic level. ..
The company said Mexico’s recovery is slower than in other regions because “continuing operational and capacity restrictions and the country’s macroeconomic recovery are slow.”
For the rest of the company’s Latin American business, Argentina’s revenue was $ 72.9 million (87% of the fourth quarter of 2019). Uruguay’s revenue reached $ 13.9 million (6% more than in the fourth quarter of 2020). Panama achieved $ 18.2 million in revenue (doubled in the fourth quarter of 2020, recovering 89% of pre-pandemic revenue). Colombia recorded revenue of $ 4.4 million.
Meanwhile, in Europe, Codere’s business in Spain reached $ 46.2 million in revenue in the fourth quarter, an improvement of 31.6% year-on-year, reaching nearly 90% of revenue in the fourth quarter of 2019. Italy’s revenue was $ 82.9 million, an increase of $ 55 million year-on-year.
The company’s online business is also “good performance,” with revenues up about 10% compared to the third quarter of 2021 and up 46% compared to 2019.
Codere said he hopes that income levels will return to pre-pandemic levels by the end of 2022, despite the impact of the Omicron variant earlier this year.
In a statement, Codere said: Strengthening the financial situation.
“This will enable us to develop business plans that will bring the group back to its growth path after this normalization period, especially taking advantage of significant opportunities in Spain, Mexico and digital businesses.”
Codere also confirmed two appointments – Antonio Zafra As Corporate Director of Legal and Compliance, and Fernando Pombo Strengthen management after appointment as Corporate Director of Strategy and Corporate Development New board February 2022.
Codere expects pre-pandemic levels of revenue by the end of 2022.
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